51��Ƶ����

The Rent Guarantee Agreement serves as a critical risk management tool in Nigerian property rental transactions, providing landlords with additional security while enabling tenants to secure properties they might otherwise be unable to rent. This document becomes particularly important in both residential and commercial contexts where landlords require extra assurance of rent payment and property maintenance. The agreement details the scope of the guarantee, payment terms, and enforcement mechanisms, all structured within Nigerian legal framework. The document typically accompanies a primary lease agreement and includes specific provisions for guarantee enforcement, clearly defining the guarantor's obligations and liability limits. A Rent Guarantee Agreement is especially relevant in urban areas like Lagos, Abuja, and Port Harcourt, where rental markets are more formalized and such guarantees are commonly required by property owners.

1. Parties: Identifies and provides full details of the Landlord, Tenant, and Guarantor including names, addresses, and any registration details for corporate entities

2. Background: Sets out the context of the agreement, referring to the underlying tenancy agreement and the need for a guarantee

3. Definitions: Defines key terms used throughout the agreement including 'Guaranteed Obligations', 'Property', 'Rental Period', and 'Tenancy Agreement'

4. Guarantee and Indemnity: Core section detailing the guarantor's obligations, scope of guarantee, and indemnification provisions

5. Duration of Guarantee: Specifies the time period for which the guarantee remains valid and any conditions for extension or termination

6. Guarantor's Obligations: Detailed list of specific obligations the guarantor is undertaking, including payment of rent, damages, and other liabilities

7. Landlord's Rights and Remedies: Sets out the landlord's rights to enforce the guarantee and available remedies in case of default

8. Payment Terms: Specifies how and when the guarantor must make payments when the guarantee is called upon

9. Limitations of Liability: Any caps or limitations on the guarantor's liability under the agreement

10. Representations and Warranties: Statements and assurances made by the guarantor regarding their capacity and ability to provide the guarantee

11. Notices: Requirements for how formal notices under the agreement must be given and when they are deemed received

12. Governing Law and Jurisdiction: Specifies that Nigerian law governs the agreement and establishes jurisdiction for dispute resolution